Long term care insurance is a type of insurance that goes beyond medical care specifically to cover the cost of long-term services. You can receive long term care while in a nursing home or in your own home.
Long term care is one of the largest financial risks that many Americans face. Nursing home costs can vary, yet they average about $6,350 a month, which can cost between $60,000-$70,000 a year, or more. Those that receive their long-term care service at home spend on average $1,600 a month.
What does Long Term Care coverage do for me?
- helps to preserve your assets
- allows you and your family to choose your place of care and have control of the care you need
- helps you to maintain your independence
- alleviates the financial burden on your children and family
- provides peace of mind
- contributes to your overall financial plan
With medical innovations and the average American living longer, there is a greater chance you will need some form of long-term care.
Did you know:
- More than half of the US population will require some type of long term care during their lives.
- One of five Americans over the age of 50 is at risk at needing long term care in the next 12 months.
- By 2020, one out of six Americans will be 65 or older and mroe than 12 million will require long term care.
- 40% of people currently receiving long-term care are adults 18 to 64 years old.
- This years, about 9 million American over the age of 65 will need long-term care services.
Read our next blog when we discuss some of the coverage benefits long-term care provides.